Vadodara-based fruit drinks maker and marketer Manpasand Beverages Pvt Ltd listed at a discount of 9 per cent to the issue price but recouped its losses at the end of the day to generate listing day gains for its IPO investors.

The stock debuted at Rs 291 a share on BSE as against its issue price of Rs 320 and rose to a high of Rs 341.9 before closing the day at Rs 326.85, or a premium of 2.1 per cent to the issue price.

Manpasand Beverages, which is the eighth company to launch an IPO this year, had floated its IPO at a price band of Rs 290-320 per share. It was covered fully at the dying hours of the final day of the issue and clocked oversubsricption of 40 per cent.

The issue reserved for qualified institutional buyers (QIB) was covered two times while retail investors portion was oversubscribed 16 per cent. HNIs & corporates, however, shouldered the issue.

Earlier, the firm raised Rs 180 crore (around $28 million) from a bunch of domestic and foreign investors who came in as anchor investors ahead of its IPO.

Manpasand Beverages manufactures mango juices and is known for its brand Mango Sip. It has a strong presence in tier II and rural markets in India and besides Mango Sip also sells products under the Manpasand ORS and Fruits Up brands.

Manpasand Beverages had raised Rs 45 crore three years ago from SAIF Partners and early last year pulled in Rs 45 crore more from the existing investor. In addition, it raised Rs 26.25 crore from Aditya Birla PE's Sunrise Fund, as part of the pre-IPO round.